Hub71 boosts collaboration with Saudi Arabia to promote startups
The agreement aims at supporting the growth of startups in the Mena region and beyond.
The three-year agreement aims to foster international knowledge exchange and talent growth in the UAE and Saudi Arabia, in addition to supporting the growth of entrepreneurs and startups in the Mena region and beyond.
The Digital Innovation Centre is a key pillar of Saudi Arabia’s digital infrastructure. It supports the nation’s digital startup community, fostering economic development and job creation for Saudi youth in line with the Kingdom’s Vision 2030.
Entrepreneurs in Abu Dhabi and Saudi Arabia will have joint access to Hub71 and Digital Innovation Centre’s extensive network of corporate partners, mentorship networks, and international expertise. Additionally, training courses and workshops will facilitate the exchange of knowledge and digital expertise in advanced technology between the two tech hubs.
Hub71 and the Digital Innovation Centre will also offer full support in obtaining the necessary licences to ease the process of establishing new tech startups in the UAE and Saudi Arabia, giving entrepreneurs access to a cohesive and collaborative tech ecosystem that supports tech companies and future leaders.
Commenting on the partnership, Hanan Harhara Al Yafei, CEO at Hub71, said, “Partnering with the Digital Innovation Centre at MCIT opens the door even wider to the lucrative Saudi market for our fast-growing startup community.
“Equally, our new strategic partnership will make it easier for Saudi entrepreneurs to advance their knowledge and capabilities in the tech sectors driving forward our burgeoning tech ecosystem in Abu Dhabi.”
Ibrahim Al Nasser, General Manager of Digital Innovation Centre, commented, “As a key pillar of Saudi Arabia’s digital infrastructure and the main ecosystem player in the development of ICT entrepreneurship, our priority is to stimulate innovation and opportunities for entrepreneurs to put their best foot forward in scaling their businesses.
“With this is in mind, we want future generations to have access to a leading tech hub that shares our ambition in driving forward our digital transformation. Ultimately, playing a key role in developing advanced technologies will make a phenomenal impact to our future economy in line with the Saudi Vision 2030.”
Through the partnership, Saudi-based startups will gain priority access to the Hub71 Incentive Programme, which offers seed companies 100 per cent free housing, office space and health insurance for two years and 50 per cent subsidies for three years for emerging companies, worth approximately Dhs3 million ($800,000).
Earlier the Hub71, Abu Dhabi’s global tech ecosystem powered by Mubadala Investment Company, has forged a strategic partnership with French national investment bank, Bpifrance, to strengthen joint efforts that boost innovation and provide mutually beneficial opportunities for tech startups, companies and entrepreneurs in Abu Dhabi and France underpinning the two organizations’ commitment to supporting entrepreneurship.
The agreement will foster close collaboration between Hub71 and Bpifrance that will bridge the gap between the dynamic tech ecosystems of Abu Dhabi and Paris. The global tech ecosystem and French investment bank have agreed to explore launching programmes that immerse select startups in the Abu Dhabi and French tech ecosystems, offering the successful startup applicants with access to mentorship, meetings with potential partners and opportunities to pitch investors. Each programme aims to develop new and innovative technology products and services designed for the UAE and French markets.
Hub71 and Bpifrance have also agreed to explore co-investment opportunities in Hub71 and French startups. Hanan Harhara Al Yafei, CEO at Hub71, added: “Cementing our strategic partnership with such an esteemed institution like Bpifrance casts the net wider for Hub71 startups to successfully enter the French market.
“Bpifrance shares our long-term commitment of promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to a prosperous Middle East and North Africa region.
Khaled Al Shamlan, Head of Sovereign Investment Partnerships - Mubadala Capital, Mubadala Investment Company, said: “We fully support Hub71’s new agreement with Bpifrance as it builds on our strategic relationship with the investment bank to raise funding opportunities for lucrative French tech businesses that can deliver significant returns on investment.
WAM
